we have land parcel industrial purpose in urban area
now want to sell the same and purchase machinery etc in area situated in non urban area.
can we get 54 g exemption on sale of land situated at urban area and purchase the machinery / bldg's of factory in non urban area??
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54 G Exemption
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Yes, provide definition of urban area is as per the explanation given in the section...
In this sub-section, "urban area" means any such area within the limits of a municipal corporation or municipality as the Central Government may, having regard to the population, concentration of industries, need for proper planning of the area and other relevant factors, by general or special order, declare to be an urban area for the purposes of this sub-section.
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